Chantelle Muzanenhamo
The government of Zimbabwe is actively monitoring the prices and availability of essential goods, according to an update provided by the Minister of Information, Publicity and Broadcasting Services during the Twelfth Post-Cabinet Press Briefing held in Harare yesterday.
The Ministry of Industry and Commerce is conducting routine surveys on 14 basic commodities as part of its efforts to protect consumers.
,”The Ministry of Industry and Commerce conducts routine surveys to monitor prices and the availability of basic commodities with the ultimate goal of safeguarding and promoting consumer welfare in the economy,” the Minister stated.
The surveys focus on key items such as mealie-meal, cooking oil, bread, sugar, and rice, among others.
The briefing highlighted the strong connection between currency fluctuations and the cost of these essential goods. The Minister advised the public that there is a positive correlation between the movements in the prices of basic commodities and exchange rate movements.
However, a positive trend was noted, with the Minister reporting, On a positive note, the gap between the official and parallel market rates has been narrowed during the period under review”
Despite this positive development in the exchange rate, the report also acknowledged difficulties within the retail sector.
“The period under review witnessed the wholesale and retail sectors facing significant viability challenges resulting in branch closures, destocking and reduced operations by some of the retail outlets,”The Minister revealed.
In response to these challenges and to ensure market compliance, the Ministry has undertaken inspections. These efforts have resulted in 137 prosecutions, issuance of 245 compliance notices and the seizure of 3 427 units of different products.
The government maintains that its current tight Monetary Policy is contributing to economic stability.
The update also noted the continued prevalence of locally produced goods on store shelves, observing that local products continue to dominate shelf space in both the formal and informal sector outlets.
The briefing provided a snapshot of the government’s ongoing efforts to manage economic conditions impacting the availability and affordability of basic necessities for the Zimbabwean public.